News Corp (NWS) adds 30 cents to $17.19 and one strategist buys-to-open 15000 Oct 16 puts on the media giant for 15 cents per contract. After a seven-day 13 percent run higher, the contract is almost 7 percent OTM with a -.17 delta and expires at the end of next week. 20,450 traded against 6,168 in open interest. The put purchase might be a play on the hacking scandal that rocked the company in the summer. According to news reports out yesterday, the Egan Jones advisory firm sent a letter to shareholders urging them to oust four board members, including the sons of Chief Executive Rupert Murdoch.

Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.